Published 9 March 2012
Listed retirement village developer & operator Metlifecare Ltd said yesterday it had established new funding facilities with a consortium of banks to support its growth & development strategy.
Lead arranger is ANZ National Bank Ltd. The facilities have been structured to include working capital, core & development facilities. They replace facilities which were due to expire in March 2013. The new facilities will extend funding to 2015 & 2016.
The core facility of $80 million plus $10 million working capital expires in September 2015. Metlifecare will use it to fund business operations, acquire greenfield land and expand brownfield opportunities.
The development facility of up to $80 million expires in September 2016. Metlifecare will use it to develop & build new villages & care facilities. It also removes the scheduled repayments & limit reductions in the previous facility.
Metlifecare chairman Peter Brown said the company was considering a number of potential development opportunities under consideration and 5 villages offering further brownfield opportunities – The Poynton in Takapuna, Crestwood in Titirangi, Coastal Villas in Paraparaumu and The Avenues & Greenwood Park in Tauranga. Mr Brown said these 5 villages offered the potential for 247 more villas & apartments, and possibly more care beds.
Metlifecare owns 16 retirement villages, incorporating 9 care facilities, with 2460 villas & apartments and 407 care beds.
20 February 2012: Lift in property values boosts Metlifecare
13 January 2012: Macquarie exits Metlifecare fund management
14 December 2011: Metlifecare gets 70% takeup from small investors
8 November 2011: Australians’ Metlifecare sell-off succeeds at 54% of entry price
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.